Insurance Rates on the Rise for Many Louisiana Homeowners

Many Louisiana residents will soon see a dramatic increase in their homeowners policies, which insurers say is the result of catastrophic hurricane loss last year. Allstate Indemnity rates will go up an average of 20.6 percent for about half of its Louisiana policyholders; Allstate Insurance—9 percent increase; State Farm—3.3 percent average increase; Louisiana Farm Bureau Mutual—49.15 percent; Lafayette Insurance Co.—37.9 percent; and American Reliable Insurance—34.36 percent. Policyholders throughout the state will have to pay a 13 to 18 percent assessment of their premium to help finance the Louisiana Citizens Property Insurance Corporation. New Orleans CityBusiness, 04/22/2006